Chevy Chase Trust Holdings LLC Has $21.44 Million Stake in Crown Castle Inc. $CCI

Chevy Chase Trust Holdings LLC trimmed its holdings in shares of Crown Castle Inc. (NYSE:CCI) by 3.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 222,243 shares of the real estate investment trust’s stock after selling 7,765 shares during the period. Chevy Chase Trust Holdings LLC owned 0.05% of Crown Castle worth $21,444,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of Crown Castle in the 2nd quarter worth $629,431,000. Lazard Asset Management LLC increased its holdings in Crown Castle by 3,051.5% in the second quarter. Lazard Asset Management LLC now owns 5,472,810 shares of the real estate investment trust’s stock valued at $562,221,000 after purchasing an additional 5,299,155 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Crown Castle by 591.8% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,471,120 shares of the real estate investment trust’s stock valued at $431,418,000 after buying an additional 3,824,778 shares during the period. Invesco Ltd. lifted its stake in Crown Castle by 33.2% in the third quarter. Invesco Ltd. now owns 6,437,685 shares of the real estate investment trust’s stock valued at $621,172,000 after buying an additional 1,605,291 shares during the period. Finally, ANTIPODES PARTNERS Ltd bought a new position in Crown Castle during the third quarter worth about $121,726,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CCI. The Goldman Sachs Group decreased their target price on Crown Castle from $105.00 to $95.00 and set a “neutral” rating for the company in a research report on Thursday, February 5th. New Street Research lowered shares of Crown Castle from a “buy” rating to a “neutral” rating and set a $93.00 price objective on the stock. in a research note on Monday, January 5th. HSBC decreased their price objective on shares of Crown Castle from $107.00 to $88.40 and set a “hold” rating for the company in a report on Thursday, February 5th. Weiss Ratings raised shares of Crown Castle from a “sell (d)” rating to a “hold (c-)” rating in a research note on Tuesday, February 24th. Finally, BMO Capital Markets cut their target price on shares of Crown Castle from $97.00 to $91.00 and set an “outperform” rating on the stock in a report on Thursday, February 5th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $100.13.

Insider Buying and Selling

In other Crown Castle news, VP Robert Sean Collins sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $87.49, for a total transaction of $262,470.00. Following the sale, the vice president directly owned 5,800 shares in the company, valued at approximately $507,442. This trade represents a 34.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Edward B. Adams, Jr. sold 4,650 shares of Crown Castle stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $86.34, for a total transaction of $401,481.00. Following the completion of the transaction, the executive vice president directly owned 25,183 shares in the company, valued at approximately $2,174,300.22. The trade was a 15.59% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.10% of the stock is currently owned by corporate insiders.

Crown Castle Price Performance

Shares of Crown Castle stock opened at $87.50 on Tuesday. The company has a market capitalization of $38.16 billion, a P/E ratio of 86.64, a price-to-earnings-growth ratio of 0.44 and a beta of 0.96. The business has a 50-day moving average of $87.21 and a two-hundred day moving average of $90.73. Crown Castle Inc. has a 1 year low of $77.01 and a 1 year high of $115.76.

Crown Castle Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a dividend of $1.0625 per share. This represents a $4.25 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Friday, March 13th. Crown Castle’s dividend payout ratio is presently 420.79%.

About Crown Castle

Crown Castle is a U.S.-focused communications infrastructure company organized as a real estate investment trust (REIT) that owns, operates and leases shared wireless infrastructure. Its primary business consists of providing tower-based site leases, small cell networks and fiber solutions that support mobile voice and data transmission for wireless carriers, cable companies and other enterprise customers. The company’s assets are positioned to enable network coverage and capacity, including the densification projects associated with 4G LTE and 5G deployments.

Its product and service offerings include ground-based tower sites that host multiple wireless operators, distributed small cell nodes and associated fiber backhaul used to connect sites into carrier networks, and site development and maintenance services.